Nasdaq trading strategies for swing traders

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Nasdaq trading strategies for swing tradersNasdaq Trading Strategies For Swing Traders

The Nasdaq finished down for the week but off the weekly lows as buyers stepped in on both Thursday and Friday.

As a result, the Nasdaq is now an overbought market. Because it is trading below its 200-day moving average, our research indicates that the Nasdaq as a whole is a market to be avoided–if not wagered against.

Friday marked the first day of the Nasdaq Composite being overbought based on our indicators. This means that there is still potential for the Nasdaq to move higher before becoming extremely overbought and vulnerable to reversal.

That said, we have noticed that when markets are under pressure and trading below their 200-day moving averages, it does not take a great deal of buying to turn oversold markets into overbought ones. We have also noticed that markets do not often reach overbought extremes when they are under heavy selling pressure (such as whrn trading below their 200-day moving averages), generally speaking. This means that as soon as markets trading below their 200-day moving averages become overbought, they are vulnerable to reversal to the downside and traders should be wary.

For swing traders looking at the actual stocks inside the Nasdaq, there remain a higher proportion of stocks with a rating of eight in our Top 25 relative stocks with a rating of nine. On balance, this suggests that stocks need to come in further before we will see a large number of high-quality pullbacks and high Short-Term PowerRatings.

Traders who want to be more aggressive and trade some of the rated-eight stocks that have become oversold may want to keep an eye on the five provided here. As always, look for intraday weakness below the previous close to help take positions as low as possible in the stocks as they pull back. In addition to sticking with stocks with high Short Term PowerRatings of eight, nine or 10 and low two-period RSIs, this practice of taking positions 2%, 4% or even 6% below the previous close is one that can help traders get a significant edge in trades that may only last a few days.

IXYS Short-Term PowerRatings 9. RSI(2): 5.07

Quality Systems Inc. Short-Term PowerRating 8. RSI(2): 12.98

SkillSoft Short-Term PowerRating 8. RSI(2): 12.27

Somanetics Corp. Short Term PowerRating 8. RSI(2): 17.47

First Financial Corp. Short-Term PowerRating 8. RSI(2): 16.39

David Penn is senior editor at TradingMarkets. Visit TradingMarkets for more education, information and tools for shorter-term trading.